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Friday, February 25, 2011

Selling pressure took hold of Ukrainian equity markets on Thursday (Feb. 24). The UX exchange lost 4.65% on a high total trading volume of UAH 297 mln. Ukrnafta (UNAF -8.03%), an index heavyweight, corrected sharply after an extended period of growth. Strong blows also rained down on Centerenergo (CEEN -4.24%), Motor Sich (MSICH -3.85%) and banks (BAVL -6.29%, USCB -5.36%). Metals and mining names (ALMK -4.21%, YASK -4.04%, AZST -3.42%, ENMZ -2.62%, AVDK -2.35%) were not immune to the sell-off. Zakhidenergo (ZAEN -2.54%) followed the general downward plunge, while Ukrtelecom (UTLM +0.39%) was the only liquid stock that managed to stay afloat.

In general, Ukrainian companies listed on international markets posted moderate losses. In London, the only oil and gas name to significantly drop was Cadogan Petroleum (CAD LN -6.58%), while JKX Oil & Gas (JKX LN -0.8%) stepped down lightly and Regal Petroleum (RPT LN 0.33%) closed with a slight advance. Ferrexpo (FXPO LN -2.53%) kept up its correction and MHP (MHPC LI -1.47%) came down a notch. In Warsaw, Astarta (AST PW -0.34%) dipped into the red, while Kernel (KER PW -1.88%) and Agroton (AGT PW -3.37%) slid more intensively.

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About Me

An investment and trading specialist, Jon Queen undertakes capital markets transactions and alternative investments across a broad spectrum of asset classes.
Jon has degrees in Economics from Cornell University and Law from University of Pennsylvania.
Prior to working in the energy and emissions trading space, Mr. Queen was an attorney at Latham & Waktins LLP and a licensed securities representative at John Hancock Financial Services.